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Federal

erva Bank
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THE WEEK'S HIGHLIGHTS:
✓ For the week ending August 26, the dollar was valued at 1.42
Deutsch marks—the lowest level since World War II—and 125.38
Japanese yen. Since the week ending August 19, the dollar has
declined by 0.8 percent against the Deutsch mark and 2.8 per­
cent against the yen. During the past year, it has depreciated 18.7
percent against the Deutsch mark and 8.4 percent against the yen.
The recent sharp drop in the value of the dollar was concentrated
over a period of two business days. From Thursday, August 20, to
Monday, August 24, the dollar fell 3.1 percent against the Deutsch
mark and 1.3 percent against the yen. During the same period, the
yield on three-month Treasury bills rose by 7 basis points, and the
30-year Treasury bond yield rose by 12 points.
The Consumer Confidence index fell to 58 in August from a revised
61.2 in July. This marks the second consecutive drop after
increases in the four previous months.
*/ New orders for durable goods fell 3.4 percent during July, after in­
creasing 2.8 percent in June. Compared with last July, orders are
down 6.4percent.
Views expressed do not necessarily reflect official positions of the Federal Reserve System.
U.S. Financial Data is published weekly by the Research and Public Information Division of the
Federal Reserve Bank of St. Louis. The cost for a subscription is as follows:
One year (50 issues)
Two years (100 issues)

$18
$30

To subscribe, please send your check or money order made payable to the Federal Reserve Bank
of St. Louis to: Research and Public Information, Federal Reserve Bank of St. Louis, Post Office
Box 66953, St. Louis, MO 63166-6953. DO NOT SEND CASH. Checks from foreign subscribers
must be payable in U.S. dollars and, except for those from Canada, must be drawn on a U.S. bank.

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Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1992

Aug

Billions of Dollars

Billions

5

3 17 31 14 28 11 25 9 23 6 20 4 18 1
Aug

Sep

Oct

Nov

Dec

15 29 12 25 11 25 8 22 8 20 3 17 1
Jan

Feb

Mar

Apr

May

Jun

15 29 12 26
Jul

Aug

Sep

Latest data plotted reserve maintenance period ending: August 19, 1992
The adjusted monetary base is the sum of reserve accoynts of financial institutions at Federal Reserve banks,
currency in circulation (currency held by the public and in the vaults of all depository institutions) and an
adjustment for reserve requirement ratio changes. The major source of the adjusted monetary base is Federal
Reserve credit. Data are computed by this bank. A detailed description of the adjusted monetary base is
available from this bank.
Recent data are preliminary.

Adjusted Monetary Base
To the average of
two maintenance
periods ending:
1/22/92
2/19/92
3/18/92
4/15/92
5/13/92
6/24/92
7/22/92
8/19/92

Compounded annual rates of change, average of two maintenance periods ending:
8/21/91 11/13/91 1/22/92 2/19/92 3/18/92 4/15/92 5/13/92 6/24/92

7.4
9.7
9.8
9.0
9.1
8.4
8.0
9.1


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Federal Reserve Bank of St. Louis

10.0
10.1
8.8
8.9
8.1
7.6
9.0

16.7
12.0
11.4
9.5
8.6
10.4

6.8
7.6
6.6
6.1
8.5

6.3
5.6
5.2
8.2

6.5
5.7
9.3

4.2
9.2

12.8

Prepared by Federal Reserve Bank of St. Louis

Money Stock (M1) and Total Checkable Deposits
Averages ot Daily figures
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

M1
Billions

— Jul 13
20
27
Aug 3

956.3
961.0
962.3
*
972.5
975.8

TCD (right scale)

M1 (left scale)

1992
Jul 13
20
27
Aug 3
10
17

l

15 29 12 26 9 23 7 21 4 IB 2 16 30 13 27
Jul
Aug Sep Oct Nov Dec
Jan

10 24
Feb

Billions
670.6
674.1
674.5 —
677.7
682.5
685.3

9 23 6 20 4 16 1 15 29 13 27 10 24 7 21
Mar Apr May
Jun
Jul
Aug Sep

1991

1992

Latest data plotted week ending: August 17, 1992
Current data appear in the Federal Reserve Board's H.6 release.
Ml is the sum of currency held by the nonbank public, demand deposits, other checkable deposits and travelers
checks.
Total checkable deposits is the sum of demand deposits and other checkable deposits at depository institutions.

Money Stock (Ml)
T_ iLp
■o

nvarnn*

Compounded annual rates of change, average of four weeks ending:

average g/ig/gi

11/18/91

1/20/92

2/17/92

3/16/92

4/20/92

7.8
7.1
5.7
8.0

5/18/92

6/15/92

9.8
6.8
9.5

of four weeks
ending:
1/20/92
2/17/92
3/16/92
4/20/92
5/18/92
6/15/92
7/20/92
8/17/92

11.5
14.3
15.3
13.5
13.5
12.8
11.6
12.2


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Federal Reserve Bank of St. Louis

17.3
18.4
14.7
14.6
13.4
11.7
12.4

26.6
16.9
16.2
14.1
11.7
12.7

11.0
12.0
10.4
8.5
10.0

Prepared by Federal Reserve Bank of St. Louis

4
Adjusted Reserves
Seasonally Adjusted

Billions of Dollars

1992

Billions of Dollars

Billions

Jun 10
Jul

8

_Aug

5

3 17 31 14 28 11 25 9 23
Jul
Aug
Sep Oct

S 20 4 18
Nov Dec

1

15 29 12 26 11 25 8 22
Jan
Feb Mar Apr

1991

6 20 3 17 1 15 29 12 26 9 23
May Jun
Jul
Aug Sep
1992

Latest data plotted two weeks ending: August 19, 1992
Adjusted reserves is the difference between adjusted monetary base and currency component of M1.

Adjusted Reserves
To the average of
two maintenance
periods ending:
1/22/92
2/19/92
3/18/92
4/15/92
5/13/92
6/24/92
7/22/92
8/19/92

Compounded annual rates of change, average of two maintenance periods ending:
8/21/gi n/13/91 1/22/92 2/19/92 3/18/92 4/15/92 5/13/92 6/24/92

7.7
15.2
17.8
16.1
15.6
13.3
11.4
12.8


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Federal Reserve Bank of St. Louis

17.5
21.3
18.1
16.9
13.6
11.0
12.8

50.7
33.4
27.4
19.3
14.8
16.7

19.0
16.3
10.6
7.1
10.4

7.7
4.4
1.7
6.4

4.3
0.9
6.8

Prepared by Federal Reserve Bank of St Louis

Money Multiplier 1/
Averages of Daily Figures
Seasonally Adjusted
Compounded annual
rates of change,
average of the four
weeks ending
August 17, 1992 from
the four weeks ending:
Aug
Nov
Feb
Mar
Apr
May
Jun

I

19,
11,
17.
16.
13,
11,
22,

Ratio
Jun

2.636

Aug

1991
2.9
1991
3.3
1992
1.7
1992 0.2
1992 0.2
1992 -0.3
1992 -1.7

8

3

2.616
2.618

15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Jul
Aug Sep Oct
Nov Dec
Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
1991

1992

Latest data plotted two weeks ending: August 17, 1992

Currency Component of M12/
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

295

Billions of Dollars

295

---------- 1---------- 1---------- —
Compounded annu ]|
rates of change,
average of the four
weeks ending
August 17, 1992 fr am
the four weeks end nq:
Aug 19. 1991
7 .9
Nov 18. 1991
.8
Feb 17, 1992 7 .9
Mar 16, 1992 8 .6
Apr 20, 1992 10 .0
May 18, 1992 10 .8

2B5

275

285

/

r

,—.

275

199,

Bill! ans

20
27
Aug 3
10
17

279.1
280.0
280.8
282.2
282.7

265

■ l ■ l L| l ’ i ,'1~T l

255
1

i 1 i |]

15 29 12 26 9 23
Jul
Aug Sep

7 21 4 18 2 16 30 13 27
Oct Nov Dec
Jan

10 24 9 23
Feb Mar

1991

6 20 4 18 1 15 29 13 27 10 24
Apr May
Jun
Jul
Auq

7 21
Sep

1992

Latest data plotted week ending: August 17, 1992
1/ Ratio of M1 to adjusted monetary base
2/ Current data appear in the Federal Reserve Board's H.6 release.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

5

265

255

6

Yields on Selected Securities
Percent

Percent

Averages of Daily Figures

Prime Bonk
■Loan Rate-

Commercial

5 19 2
Jul
Aug

13 27 11 25
Sep
Oct

Nov

Dec

Jan

Feb

Mar

Apr

1991

May

Jun

Jul

Aug

Sep

1992

Latest data plotted are averages of rates available for the week ending: August 28, 1992

1992

90-Day
CDs

30-Day
Commercial
Paper

90-Day
Bankers'
Acceptances

3.91
3.86
3.83
3.84
3.75
3.37
3.34
3.32
3.32
3.32
3.28
3.28
3.34

3.94
3.91
3.89
3.89
3.80
3.45
3.42
3.40
3.36
3.39
3.35
3.37
3.39

3.84
3.81
3.79
3.79
3.66
3.33
3.28
3.29
3.29
3.28
3.25
3.26
3.32

Jun

5
12
19
26
Jul
3
10
17
24
31
Aug
7
14
21
28 *

Corporate
Aaa Bonds
8.24
8.24
8.22
8.20
8.16
8.08
8.09
8.06
8.01
7.99
7.93
7.91
7.98

Corporate
Baa Bonds
9.09
9.08
9.02
9.02
8.98
8.89
8.87
8.82
8.71
8.68
8.62
8.62
8.70

Municipal
Bonds **
6.57
6.52
6.46
6.42
6.38
6.17
6.16
6.05
5.89
6.06
6.05
6.21
NA

Current data appear in the Federal Reserve Board's H.15 release.
* Averages of rates available
*• Bond Buyer's Average Index of 20 municipal bonds, Thursday data
N A - Not Available


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Selected Interest Rates
Percent

Percent

Averages of Daily Figures

-Funds

Discount Rats

5 19 2
Jul

16 30 13 27 11 25 8 22 6 20 3 17 31 14 28 13 27 10 24 8 22 5
Aug

Sep

Oct

Nov

Dec

Feb

Mar

Apr

1991

May

19

31 14 28

Jun

1992

Latest data plotted are averages of rates available for the week ending: August 28, 1992

1992
Jun

5
12
19
26
Jul
3
10
17
24
31
Aug
7
14
21
28 *

Federal
Funds **
3.85
3.69
3.73
3.72
3.87
3.24
3.28
3.22
3.18
3.33
3.24
3.33
3.27

3—Month
Treasury
Bill

6—Month
Treasury
Bill **+

1 —Year
Treasury
Bill

5—Year
Treasury
Securities

Long-Term
Treasury
Securities

3.71
3.67
3.63
3.64
3.48
3.22
3.19
3.17
3.18
3.16
3.11
3.07
3.16

3.90
3.83
3.75
3.77
3.66
3.32
3.31
3.24
3.27
3.30
3.19
3.18
3.24

4.08
3.99
3.93
3.94
3.79
3.48
3.38
3.38
3.43
3.39
3.28
3.26
3.41

6.61
6.56
6.44
6.40
6.22
5.93
5.85
5.74
5.70
5.69
5.53
5.48
5.73

7.76
7.74
7.67
7.65
7.56
7.42
7.45
7.36
7.20
7.18
7.08
7.11
7.25

Current data appear in the Federal Reserve Board's H.15 release excluding long-term Treasury securities
which are computed by this bank. Treasury bill yields are on a discount basis.
* Averages of rates available
** Seven-day averages for week ending two days earlier than date shown
•** Auction average (discount)
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

7

8
Money Stock (M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

2650

M2
1992

3500 -

Billions

Jul 13
20
27
Aug 3
10
17

3459.9
3458.2
3460.0.
3461.5
3471.1
3469.6

(left scale)

2550

2500
M2 (right scale)
Non-M1 M2
1992

SMfins

Jul 13
20
27
Aug 3
10
17

2503.6
2497.2
2497.7
2495.2
2498.6
2493.8

2450

2400
1

15 29 12 26
Jul
Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 17, 1992
Current data appear in the Federal Reserve Board's H.6 release.
M2 is the sum of M1. overnight RPs issued by all commercial banks, overnight Eurodollars issued to U.S. residents
by foreign branches of U.S. banks, savings (including money market deposit accounts), small time deposits
and general purpose and broker/dealer money market mutual funds. For more detail, see the H.6 release.

Money Stock (M2)
Compounded annual rates of change, average of four weeks ending:
To th« average 8/19/gi n/18/91 1/20/92 2/17/92 3/16/92 4/20/92 5/18/92 6/15/92
of four weeks
ending:
1/20/92
2/17/92
3/16/92
4/20/92
5/18/92
6/15/92
7/20/92
8/17/92

2.4
3.5
3.7
2.7
2.5
2.2
1.6
1.7


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4.5
4.6
2.8
2.5
2.0
1.3
1.5

7.3
3.1
2.5
1.9
0.9
1.2

0.4
0.5
0.2
-0.6
0.0

-1.5
-1.3
-1.8
-0.9

-0.1
-1.2
-0.3

-2.0
-0.5

-0.4

Prepared by Federal Reserve Bank of St. Louis

J

Savings and Money Market Funds
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

1160

Billions of Dollars

915

---------- 1---------- 1---------Savings
1992 Billions
Jul 13 1133.1

1135 Aug

27
3
10
17

/

390

113 6.8
113 7.8
114 2.4
114 5.8

1090

**

Mom y Mark •t (rigt t scale I
• •*»

>

^

—v

✓

365

\^
** \
^/s. -

’

1015

310
Morley Me rket
1 99,
Billi ans

Savtngs D oposft. (left cale)

Jul

3

35 .8

27 349.7
Aug 3 349.1
10 346.9
17 348.0
______ I______ i_____

955
I

IS 29 12 26 9 23 J 21
Jul
Aug Sep Oct

9 11 2 16 JO 13 27
Nov Dec
Jan

10 21 9 23 6 20 4 18 1 15 29 13 27 10 24 7 II
Feb Mar Apr May Jun
Jul
Aug
Sep

1991

315

290

1992

Note: Savings deposits are at all depository institutions. Money market funds are general purpose
and broker/dealer.

Large and Small Time Deposits1/
All Depository Institutions
Averages of Daily Figures. Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Small Time
1992
Jul 13
20
27
Aug 3
10
17

Small Time (right scale)

Billions
945.1
941.4
937.6
934.2 —
930.0
926.5

Large Time (left scale)
Large Time
1992 Billions
— Jul 13
20
27
Aug 3
10
17

390.7
386.9
394.9
386.7
384.8
383.5

1 15 29 12 26 9 23 7 21 4 18 2 16 30 13 27 10 24 9 23 6 20 4 18 1 15 29 13 27 10 24 7 21
Jul
Aug Sep Oct
Nov Dec Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
1991

1992

Latest data plotted week ending: August 17, 1992
1/ Large time deposits are those issued in demoninations of $100,000 or more.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

Jul 22
29
Aug 5
12
19
26

Billions of Dollars

0.217
0.237
0.243
0.229
0.268
0.267

25 9 23 S 20 4 18 1 15 29 12 26 11 25 8 22 6 20 3 17 1 15 29 12 26 9 23
3 17 31 14 28
Feb Mar
Apr May Jun
Jul
Aug
Sep
Aug
Sep Oct
Nov Dec
Jan
1991

1992

Adjustment + Seasonal Borrowings
From Federal Reserve Banks
Averages of Daily Figures

Billions of Dollars

1992

Billions

Jul 22
29
Aug 5
12
19
26

Billions of Dollars

0.217
0.237
0.243
0.229
0.268
0.267

3 17 31 14 28 11 25 9 23 6 20 4 18 1 IS 29 12 26 11 25
Mar
Jul
Aug
Sep Oct
Nov Dec
Jan

22 6 20 3 17 1 15 29 12 26 9 23
Apr May Jun
Jul
Aug
Sep
1992

Latest data plotted week ending: August 26, 1992


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Louis

Commercial Paper of Nonfinancial Companies
Billions of Dollars

1292

Aug

Billions of Dollars

Not Seasonally Adjusted

Billions

138.774
5 139.513
138.298

3 17 31 14 28 11 25 9 23 5 20 4 18 1 15 20 12 25 11 25 8 22 5 20 3 17 1 15 2! 12 25 9 23
Jul
Aug
Sep
Oct
Nov Dec
Jan
Feb Mar
Apr May Jun
Jul
Aug
Sep
1991

1992

Latest data plotted week ending: August 19, 1992

Commercial and Industrial Loans'/
Weekly Reporting Large Commercial Banks2/
Seasonally Adjusted

Billions of Dollars
Compounded annual
rates of change,
average of the four
weeks ending
August 12, 1992 from
the four weeks ending:

Billions of Dollars

1992
Jul

8
15
22
29
Aug 5
12

Billions
278.130.
279.491
278.028
276.467
277.339
276.703.

May 13, 1992-12.1
10, 1992-1

1991

1992

Latest data plotted week ending: August 12, 1992
1/ Commercial and industrial loans include banker's acceptances and commercial paper.
2/Banks with domestic assets greater than $1.4 billion
n
•
'
*
Prepared by Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

11

Dollar’s Trade-Weighted Exchange Index
Averages of Daily Figures

1 17 31 14 !! 11 IS ) 7! S 7) 4 1! 1
Jul

Aug

Sep

Oct

Nov

Dec

15 » II If II IS I 77 4 74 3 17 I IS I) II IS ) 73
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Latest data plotted week ending: August 26, 1992
Current data appear in the Federal Reserve Board's H.10 release.
Data are weighted averages of the foreign-currency price of the U.S. dollar, computed using 10 industrial
country currencies.


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Federal Reserve Bank of St. Louis

Prepared by Federal Reserve Bank of St. Loui9

f

>*

K
<
K

a> ,4


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102